算力产业跟踪：推进人工智能“模塑申城”，上海智算规模有望突破100EFLOPS

Investment Rating - The report maintains a "Positive" investment rating for the domestic AI computing industry, particularly highlighting the opportunities within the domestic computing power supply chain and recommending the leading AI chip company, Cambricon [25][24]. Core Insights - The Shanghai Municipal Government has released an implementation plan aiming for the city's intelligent computing power to exceed 100 EFLOPS by the end of 2025, which is expected to create significant opportunities for the domestic computing power industry [10][24]. - The plan emphasizes the development of a self-controlled computing power infrastructure to support AI innovation applications, indicating a strategic focus on domestic capabilities in chip manufacturing and software development [11][24]. - The report suggests that the implementation of this plan will likely lead to a surge in the computing power industry, benefiting the entire domestic supply chain [24][23]. Summary by Sections Policy and Development - The Shanghai plan aims to establish a world-class AI industry ecosystem by 2025, targeting a computing power scale of over 100 EFLOPS and the creation of approximately 50 industry-specific open corpus demonstration applications [10][24]. - The report notes that as of June 2024, China's total computing power capacity reached 246 EFLOPS, with intelligent computing power accounting for over 76 EFLOPS, indicating substantial growth potential in Shanghai's computing power sector [23][10]. Market Dynamics - The report highlights the cluster effect in Shanghai, which is expected to drive the development of the computing power industry in surrounding regions, leveraging the existing infrastructure in major areas like Beijing, Shanghai, and Guangdong [4][24]. - The focus on self-sufficiency in computing power is seen as a critical factor for future growth, with the report advocating for investments in domestic AI chip manufacturers [11][24]. Recommendations - The report specifically recommends monitoring the domestic computing power supply chain and emphasizes the potential of Cambricon as a key player in the AI chip market [24][25].